Six major U.S. port operations will come under U.S. ownership following a yearlong political conflict over the ports being operated by Dubai Ports World based in the United Arab Emirates. AIG Global Investment group will take over the ports following months of criticism that the UAE firm could not be trusted running the security-sensitive shipping apparatus.
The deal hit a snag late this week when the Port Authority of New York and New Jersey, which must approve the sale, asked for millions of dollars in cash and future infrastructure work at the Port Newark Container Terminal. But late Friday, officials said they struck a deal. AIG agreed to make more than $40 million worth of infrastructure improvements, as well as a direct payment of $10 million to the Port Authority.